[ Pobierz całość w formacie PDF ]
.That is why I don't believe in tips.If I buy stocks on Smith's tip I must sell thosesame stocks on Smith's tip.I am depending on him.Suppose Smith is away on a holidaywhen the selling time comes around? No, sir, nobody can make big money on whatsomeone else tells him to do.I know from experience that nobody can give me a tip or aseries of tips that will make more money for me than my own judgment.It took me fiveyears to learn to play the game intelligently enough to make big money when I wasright.I didn't have as many interesting experiences as you might imagine.I mean, the processof learning how to speculate does not seem very dramatic at this distance.I went brokeseveral times, and that is never pleasant, but the way I lost money is the way everybodyloses money who loses money in Wall Street.Speculation is a hard and trying business,and a speculator must be on the job all the time or he'll soon have no job to be on.My task, as I should have known after my early reverses at Fullerton's, was very simple:To look at speculation from another angle.But I didn't know that there was much moreto the game than I could possibly learn in the bucket shops.There I thought I wasbeating the game when in reality I was only beating the shop.At the same time the tape-reading ability that trading in bucket shops developed in me and the training of mymemory have been extremely valuable.Both of these things came easy to me.I owe myearly success as a trader to them and not to brains or knowledge, because my mind wasuntrained and my ignorance was colossal.The game taught me the game.And it didn'tspare the rod while teaching.I remember my very first day in New York.I told you how the bucket shops, by refusingto take my business, drove me to seek a reputable commission house.One of the boys inthe office where I got my first job was working for Harding Brothers, members of theNew York Stock Exchange.I arrived in this city in the morning, and before one o'clockthat same day I had opened an account with the firm and was ready to trade.I didn't explain to you how natural it was for me to trade there exactly as I had done inthe bucket shops, where all I did was to bet on fluctuations and catch small but surechanges in prices.Nobody offered to point out the essential differences or set me right.If somebody had told me my method would not work I nevertheless would have tried itout to make sure for myself, for when I am wrong only one thing convinces me of it, and- 27 - Reminiscences of a Stock Operatorthat is, to lose money.And I am only right when I make money.That is speculating.They were having some pretty lively times those days and the market was very active.That always cheers up a fellow.I felt at home right away.There was the old familiarquotation board in front of me, talking a language that I had learned before I was fifteenyears old.There was a boy doing exactly the same thing I used to do in the first office Iever worked in.There were the customers same old bunch looking at the board orstanding by the ticket calling out the prices and talking about the market.The machinerywas to all appearances the same machinery that I was used to.The atmosphere was theatmosphere I had breathed since I had made my first stock-market money $3.12 inBurlington.The same kind of ticker and the same kind of traders, therefore the samekind of game.And remember, I was only twenty-two.I suppose I thought I knew thegame from A to Z.Why shouldn't I?I watched the board and saw something that looked good to me.It was behaving right.Ibought a hundred at 84.I got out at 85 in less than a half hour.Then I saw somethingelse I liked, and I did the same thing; took three-quarters of a point net within a veryshort time.I began well, didn't I?Now mark this: On that, my first day as a customer of a reputable Stock Exchangehouse, and only two hours of it at that, I traded in eleven hundred shares of stock,jumping in and out.And the net result of the day's operations was that I lost exactlyeleven hundred dollars.That is to say, on my first attempt, nearly one-half of my stakewent up the flue.And remember, some of the trades showed me a profit.But I quiteleven hundred dollars minus for the day.It didn't worry me, because I couldn't see where there was anything wrong with me.Mymoves, also, were right enough, and if I had been trading in the old Cosmopolitan shopI'd have broken better than even.That the machine wasn't as it ought to be, my elevenhundred vanished dollars plainly told me [ Pobierz całość w formacie PDF ]
zanotowane.pl doc.pisz.pl pdf.pisz.pl przylepto3.keep.pl
.That is why I don't believe in tips.If I buy stocks on Smith's tip I must sell thosesame stocks on Smith's tip.I am depending on him.Suppose Smith is away on a holidaywhen the selling time comes around? No, sir, nobody can make big money on whatsomeone else tells him to do.I know from experience that nobody can give me a tip or aseries of tips that will make more money for me than my own judgment.It took me fiveyears to learn to play the game intelligently enough to make big money when I wasright.I didn't have as many interesting experiences as you might imagine.I mean, the processof learning how to speculate does not seem very dramatic at this distance.I went brokeseveral times, and that is never pleasant, but the way I lost money is the way everybodyloses money who loses money in Wall Street.Speculation is a hard and trying business,and a speculator must be on the job all the time or he'll soon have no job to be on.My task, as I should have known after my early reverses at Fullerton's, was very simple:To look at speculation from another angle.But I didn't know that there was much moreto the game than I could possibly learn in the bucket shops.There I thought I wasbeating the game when in reality I was only beating the shop.At the same time the tape-reading ability that trading in bucket shops developed in me and the training of mymemory have been extremely valuable.Both of these things came easy to me.I owe myearly success as a trader to them and not to brains or knowledge, because my mind wasuntrained and my ignorance was colossal.The game taught me the game.And it didn'tspare the rod while teaching.I remember my very first day in New York.I told you how the bucket shops, by refusingto take my business, drove me to seek a reputable commission house.One of the boys inthe office where I got my first job was working for Harding Brothers, members of theNew York Stock Exchange.I arrived in this city in the morning, and before one o'clockthat same day I had opened an account with the firm and was ready to trade.I didn't explain to you how natural it was for me to trade there exactly as I had done inthe bucket shops, where all I did was to bet on fluctuations and catch small but surechanges in prices.Nobody offered to point out the essential differences or set me right.If somebody had told me my method would not work I nevertheless would have tried itout to make sure for myself, for when I am wrong only one thing convinces me of it, and- 27 - Reminiscences of a Stock Operatorthat is, to lose money.And I am only right when I make money.That is speculating.They were having some pretty lively times those days and the market was very active.That always cheers up a fellow.I felt at home right away.There was the old familiarquotation board in front of me, talking a language that I had learned before I was fifteenyears old.There was a boy doing exactly the same thing I used to do in the first office Iever worked in.There were the customers same old bunch looking at the board orstanding by the ticket calling out the prices and talking about the market.The machinerywas to all appearances the same machinery that I was used to.The atmosphere was theatmosphere I had breathed since I had made my first stock-market money $3.12 inBurlington.The same kind of ticker and the same kind of traders, therefore the samekind of game.And remember, I was only twenty-two.I suppose I thought I knew thegame from A to Z.Why shouldn't I?I watched the board and saw something that looked good to me.It was behaving right.Ibought a hundred at 84.I got out at 85 in less than a half hour.Then I saw somethingelse I liked, and I did the same thing; took three-quarters of a point net within a veryshort time.I began well, didn't I?Now mark this: On that, my first day as a customer of a reputable Stock Exchangehouse, and only two hours of it at that, I traded in eleven hundred shares of stock,jumping in and out.And the net result of the day's operations was that I lost exactlyeleven hundred dollars.That is to say, on my first attempt, nearly one-half of my stakewent up the flue.And remember, some of the trades showed me a profit.But I quiteleven hundred dollars minus for the day.It didn't worry me, because I couldn't see where there was anything wrong with me.Mymoves, also, were right enough, and if I had been trading in the old Cosmopolitan shopI'd have broken better than even.That the machine wasn't as it ought to be, my elevenhundred vanished dollars plainly told me [ Pobierz całość w formacie PDF ]